Annual Report 2008

Market overview

France is the fifth largest non-life insurance market in the world, with direct premium volumes of €43 billion of which personal and commercial lines account for €24 billion and €19 billion respectively. The non-life market, excluding automobile and personal property classes, grew at an average of 6% between 2002 and 2006. It is a mature market.

The current top ten insurers account for approximately 78% of direct income with the market dominated by domestic French companies. Only 25% of direct business is controlled by foreign companies with 17.5% underwritten by major subsidiaries of Allianz and Generali. The remaining 7.5% is underwritten by major international insurers such as AIG, Ace, Chubb, Tokio Transport, RSA and Lloyd’s of London.

Market rate movements have generally tracked the global insurance markets, though they have tended to be less pronounced due to policyholders placing greater emphasis on service than in other major insurance markets. We believe that following the soft market conditions experienced over recent years the market is at, or near, the bottom of the cycle.

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